This collision of events creates a definitive moment for CFOs and the companies they guide. Research from management consulting firm Bain & Company shows that, during the 2008 downturn, many more S&P 500 companies moved either up or down in terms of operating margin—rising to the top quartile or dropping to the bottom quartile—than during the more stable period that followed.⁴ In other words, the decisions that leaders make during economic downturns magnify the gap between top and bottom performers.